Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / lalitha lasya
Debit: Bank/Cash..................$600
Credit: Rent received in advance (liability).............$600
The income received in advance is a liability.
| Is This Answer Correct ? | 28 Yes | 4 No |
Post New Answer View All Answers
What would greater impact a firms valuation, a 10% reduction in revenues or 1% reduction in discount rate?
How can you do credit control?
HOW CAN WE CONVERT IN CFT TO A ROUND LOG??
How i should sellone the mobile phone when interviewer will ask sell this phone to me?
Explain me the difference between public and private accounting?
What is double-entry accounting? Explain with an example?
A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
what is dmat charges?
Explain me what makes a successful account manager?
What is dividend warrants?
Is there a difference between accounting for conversion of bonds and accounting for the conversion of preferred stock?
cash credit taken from bank then what is the general entry?
What is tally accounting?
if we have provision for bad debts and RDD then on which amount we have to calculate RDD original or deducted?
Explain an example of a tough decision you had to make quickly?
